Markets Actual Q4 Q1 Q2 Q3 2020
Currency 5.79 5.72 5.8 5.87 5.95 6.12
Stock Market (points) 98404.04 103184 101367 99582 97828 94414
Government Bond 10y (%) 13.94 13.58 13.98 14.38 14.8 15.67
Overview Actual Q4 Q1 Q2 Q3 2020
GDP Growth Rate (%) 1.20 0.6 0.7 1 0.9 1
GDP Annual Growth Rate (%) -1.50 -1.2 1.2 1.5 1.9 2
Unemployment Rate (%) 13.90 15.1 15.6 15.2 14.9 14.2
Inflation Rate (%) 9.26 11.5 10.1 8.9 9.1 8.6
Inflation Rate Mom (%) 0.99 0.7 0.5 0.6 0.8 0.5
Interest Rate (%) 16.50 15 14.25 14.25 13.25 13.25
Balance of Trade (USD Million) -2500.39 -400 800 800 -700 1000
Current Account (USD Million) 2604.00 -1020 -1850 -2400 2100 -1200
Current Account to GDP (%) -3.50 -3 -3.4 -3.4 -3.4 -3.4
Government Debt to GDP (%) 30.40 34.2 36.6 36.6 36.6 36.6
Government Budget (% of GDP) -2.00 -1.8 -1.4 -1.4 -1.4 -1.4
Business Confidence (Index Points) 98.80 97 99 100 102 101
Manufacturing PMI 50.00 49.5 50.7 53.2 52 53.2
Consumer Confidence (Index Points) 55.80 56 59 62 64 68
Retail Sales MoM (%) 0.30 0.6 0.5 0.6 -0.4 0.4
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
GDP Actual Q4 Q1 Q2 Q3 2020
GDP Growth Rate (%) 1.20 0.6 0.7 1 0.9 1
GDP Annual Growth Rate (%) -1.50 -1.2 1.2 1.5 1.9 2
GDP (USD Billion) 766.51 758 765 765 765 765
GDP Constant Prices (TRY THO) 426348297.20 455471135 456373058 391201762 432743522 464580558
Gross Fixed Capital Formation (TRY THO) 104251294.60 122009450 122251053 104488160 105815064 124449639
GDP per capita (USD) 15026.70 15400 15900 15900 15900 15900
GDP per capita PPP (USD) 25286.60 25400 26100 26100 26100 26100
GDP From Agriculture (TRY THO) 17848921.00 25035902 25085478 10782508 18116655 25536620
GDP From Construction (TRY THO) 29287888.30 31286664 31348618 24970094 29727207 31912398
GDP From Manufacturing (TRY THO) 70922402.50 74464245 74611699 67814156 71986239 75953530
GDP From Public Administration (TRY THO) 46799195.63 45452084 45542089 46660249 47501184 46361126
GDP From Services (TRY THO) 99589464.40 107835749 108049285 90234365 101083306 109992464
Labour Actual Q4 Q1 Q2 Q3 2020
Unemployment Rate (%) 13.90 15.1 15.6 15.2 14.9 14.2
Labor Force Participation Rate (%) 53.10 53.4 53.2 53.4 53.5 53.6
Long Term Unemployment Rate (%) 2.90 3.5 4 3.6 3.3 2.6
Youth Unemployment Rate (%) 27.10 25.4 25.9 25.5 25.2 24.5
Labour Costs (Index Points) 200.63 201 205 207 211 215
Minimum Wages (TRY/Month) 2558.40 2558 3020 3020 3020 3020
Wages in Manufacturing (Index Points) 194.11 195 195 201 208 215
Population (Million) 82.00 82.34 82.68 82.68 82.68 82.68
Retirement Age Women 58.00 58 58 58 58 58
Retirement Age Men 60.00 60 60 60 60 60
Wages Low Skilled (TRY/Month) 1380.00 1550 1600 1600 1600 1600
Wages High Skilled (TRY/Month) 2830.00 3100 3200 3200 3200 3200
Living Wage Family (TRY/Month) 3190.00 2950 3100 3100 3100 3100
Living Wage Individual (TRY/Month) 1930.00 1800 1850 1850 1850 1850
Employment Rate (%) 45.50 46.6 46.8 46.5 46.7 47
Prices Actual Q4 Q1 Q2 Q3 2020
Inflation Rate (%) 9.26 11.5 10.1 8.9 9.1 8.6
Inflation Rate Mom (%) 0.99 0.7 0.5 0.6 0.8 0.5
Consumer Price Index CPI (Index Points) 427.04 439 443 450 466 477
Core Consumer Prices (Index Points) 364.05 376 368 378 392 405
Core Inflation Rate (%) 7.54 10.9 8.5 7.1 7.6 7.5
Producer Prices (Index Points) 450.55 453 472 501 489 489
Producer Prices Change (%) 2.45 7 9.2 9.6 8.5 8.1
Food Inflation (%) 9.52 12.9 11.5 9.5 8.9 8.4
Cpi Housing Utilities (Index Points) 467.95 495 475 474 511 537
CPI Transportation (Index Points) 416.46 422 424 436 454 459
Money Actual Q4 Q1 Q2 Q3 2020
Interest Rate (%) 16.50 15 14.25 14.25 13.25 13.25
Interbank Rate (%) 15.89 25.63 24.13 14.37 14.37 24.13
Money Supply M1 (TRY Thousand) 655467404.20 659000000 685000000 715000000 751000000 816000000
Money Supply M2 (TRY Thousand) 2289717355.30 2380000000 2450000000 2510000000 2590000000 2677000000
Loans to Private Sector (TRY Thousand) 1275167269.00 1516000000 1200362046 1301062334 1305206614 1678000000
Deposit Interest Rate (%) 15.00 22.5 15 14.25 14.25 20
Private Debt to GDP (%) 170.00 179 182 182 182 182
Lending Rate (%) 18.00 25.5 24 17.25 17.25 24
Central Bank Balance Sheet (TRY Thousand) 751059560.00 887000000 945000000 1050000000 1150000000 1225000000
Trade Actual Q4 Q1 Q2 Q3 2020
Balance of Trade (USD Million) -2500.39 -400 800 800 -700 1000
Current Account (USD Million) 2604.00 -1020 -1850 -2400 2100 -1200
Current Account to GDP (%) -3.50 -3 -3.4 -3.4 -3.4 -3.4
Imports (USD Million) 15023.72 14600 17100 16900 15100 17400
Exports (USD Million) 12523.33 14200 17900 16200 16400 18400
External Debt (USD Million) 446860.00 439000 440000 445000 451000 465000
Foreign Direct Investment (USD Million) 13200.00 14000 15100 15100 15100 15100
Tourism Revenues (USD Million) 3338.00 10150 4950 8900 15100 10600
Tourist Arrivals 6307508.00 1920000 2360000 4862000 4322000 2010000
Crude Oil Production (BBL/D/1K) 60.00 60 60 60 60 60
Government Actual Q4 Q1 Q2 Q3 2020
Government Debt to GDP (%) 30.40 34.2 36.6 36.6 36.6 36.6
Government Budget (% of GDP) -2.00 -1.8 -1.4 -1.4 -1.4 -1.4
Government Spending (TRY THO) 62009834.30 70190016 70329006 59033956 62939982 71593816
Government Debt (TRY Million) 1248300.00 1450000 1520000 1580000 1640000 1710000
Taxes Actual Q4 Q1 Q2 Q3 2020
Corporate Tax Rate (%) 22.00 22 22 22 22 22
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 18.00 18 18 18 18 18
Social Security Rate (%) 37.50 37.5 37.5 37.5 37.5 37.5
Social Security Rate For Companies (%) 22.50 22.5 22.5 22.5 22.5 22.5
Social Security Rate For Employees (%) 15.00 15 15 15 15 15
Business Actual Q4 Q1 Q2 Q3 2020
Business Confidence (Index Points) 98.80 97 99 100 102 101
Manufacturing PMI 50.00 49.5 50.7 53.2 52 53.2
Industrial Production (%) -3.60 1.5 2.7 2.8 3.2 2.8
Industrial Production Mom (%) -2.80 0.6 0.6 0.5 -0.6 0.5
Manufacturing Production (%) -2.80 1.2 2.6 3 2.6 2.7
Bankruptcies (Companies) 1011.00 2250 1050 920 1250 2050
Total Vehicle Sales 41992.00 65000 45500 46800 24200 69000
Car Production (Units) 136236.00 119700 125900 108100 132200 125400
Car Registrations 39110.00 45000 52500 34900 38700 51000
Steel Production (Thousand Tonnes) 2633.51 2600 2600 2850 2850 2730
Mining Production (%) -6.00 2.7 2.2 1.4 2.5 2
Consumer Actual Q4 Q1 Q2 Q3 2020
Consumer Confidence (Index Points) 55.80 56 59 62 64 68
Retail Sales MoM (%) 0.30 0.6 0.5 0.6 -0.4 0.4
Retail Sales YoY (%) -4.30 0.5 1.5 2.8 2.3 2.7
Consumer Spending (TRY THO) 251577716.40 259872892 260387492 233392067 255351382 265070350
Consumer Credit (TRY THO) 553160126.00 520772874 515354235 525351149 534298283 531188332
Private Sector Credit (TRY Thousand) 1983150723.00 2024000000 1867788684 2002324972 2014230017 2081000000
Economic Optimism Index (Index points) 86.00 79 81 84 86 88
Gasoline Prices (USD/Liter) 1.23 1.17 1.14 1.07 1.04 1.14
Housing Actual Q4 Q1 Q2 Q3 2020
Housing Index (Index points) 113.20 115 117 119 119 122
New Home Sales (Units) 38931.00 60000 45800 54200 51900 61400
Building Permits 9477.00 72000 28900 10200 32400 75000
Existing Home Sales (Units) 63305.00 62300 56500 59800 61900 69500
Housing Starts (units) 1733.00 7500 3800 2100 2700 7900
Home Ownership Rate (%) 59.10 60.5 60 60 60 60


This page has economic forecasts for Turkey including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Turkey economy.